Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0594%/8h= +65.0% APRpaid last 24h −0.029%

Price spread now: Coinbase International against MEXC+0.644%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs+$5as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.489%−$49 · spread now +0.644%, 7d avg +0.057%

Together, before fees−0.451%−$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Coinbase International is 0.587% dearer against MEXC than usual: you sell high and buy low: +$59 more if the spread goes back to its 7-day average of +0.057%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.037% in total (about 2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PENDLE_USDT	2.4860	−0.0002	get 0.0002% / 8h	1h 13m	$16.8M	$2.1M	125x
Short	Coinbase International PENDLE-PERP-INTX	2.5020	0.0592	get 0.0074% / 1h	13m 03s	$139K	$461K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.644%Rate

Funding earned: $124.74
Price spread: +0.644% → +0.057%: $58.67
Slippage, 4 orders: −$40.1
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $129.3
Costs to cover: 0.541%
Break-even: from the start

Slippage from MEXC: live order book, 1 min ago; Coinbase International: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy MEXC live order book, 1 min ago	0.20 bp	5.5 bp −$6	20.2 bp −$202	90.7 bp −$9,068	doesn't fit
Sell Coinbase International live order book, 5 min ago	10.03 bp	29.4 bp −$29	doesn't fit	doesn't fit	doesn't fit

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.3656%	1h	2.4770	−0.362%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0272%	1h	2.4872	+0.048%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.173%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0028%	8h	2.4860	0.000%	$1.3M	$732K	75x	as long as short
Binance PENDLEUSDT	−0.0004%	8h	2.4862	+0.008%	$26.8M	$40.9M	75x	as long as short
MEXC PENDLE_USDTlong	−0.0002%	8h	2.4860	long leg	$16.8M	$2.1M	125x
dYdX PENDLE-USD	0.0000%	1h	2.4892	+0.129%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4851	−0.036%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0016%	8h	2.4867	+0.028%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4873	+0.052%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0062%	8h	2.4872	+0.048%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	+0.099%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4859	−0.002%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4875	+0.060%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4864	+0.018%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4904	+0.177%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	+0.101%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4860	0.000%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4870	+0.040%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4880	+0.080%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4888	+0.113%	$888K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4862	+0.008%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4859	−0.004%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	+0.048%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4902	+0.169%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4887	+0.109%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4884	+0.097%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0592%	1h	2.5020	+0.644%	$139K	$461K	25x
Backpack PENDLE_USDC_PERP	+0.0657%	1h	2.4915	+0.221%	$351K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4924	+0.258%	$119K	$305K	20x	as long as short